The 2012 Miss Universe pageant that is scheduled to be hosted by the Dominican Republic in December, could be in jeopardy since the government informed officials it did not have the required funds to contribute.

Pageant officials were informed by the country’s administrative minister, Jose Ramon Peralta, that due to austerity measures the Dominican did not have the $6 million required to sponsor the event. The Miss Universe organization remains hopeful that the private sector, that apparently is very interested, will contribute the funds. The 2011 pageant was held in Sao Paulo, Brazil.

Since 1996, Donald Trump has owned the Miss Universe pageant and along with NBC sells television rights to the beauty contest to generate revenue for the organization.

The country is currently negotiating with the International Monetary Fund (IMF) for a new economic support program. In 2009 the Dominican Republic received a $1.66 billion aid package from the IMF.